HK Stock Market Move | Golden stocks plummeted during trading hours, expectations of interest rate cuts gradually weakened. Goldman Sachs suggests that there is a risk of further strengthening of the US dollar in the future.

Gold stocks plummeted during trading hours, with Zijin Mining Group (02899) falling by 5.85% to HK$14.48, Shandong Gold Mining (01787) falling by 3.51% to HK$13.74, CHINAGOLDINTL (02099) falling by 2.14% to HK$43.45, and LINGBAO GOLD (03330) falling by 2.04% to HK$3.85. On the news front, following the first non-farm payroll data in 2025, the US dollar continued to strengthen. As of January 13th, the US dollar index broke through the 110 mark, reaching a new high of over two years. Goldman Sachs predicts that with the implementation of new tariffs and the continued strong performance of the US economy, the US dollar will rise by about 5% in the next year, with further risks of strengthening in the future. It is worth noting that this is the second time in about two months that Goldman Sachs has raised its forecast for the US dollar. Due to the continued growth of the US economy and the potential for Trump's tariff plans to exacerbate inflation, market confidence in the Federal Reserve continuing to cut interest rates has weakened recently. Industry analysts believe that the current changes in inflation expectations have a significant impact on the price of gold. If US inflation expectations continue to rise or remain high, it could support the price of gold. The "America First" policy implemented by Trump has heated up in Q1 2025, with market expectations of better US economic performance, a stronger dollar, and the potential for him to suppress inflation, leading to a non-sustainable rise in inflation expectations, which is unfavorable for gold.